On May 7, the U.S. Attorney for the Southern District of New York announced mail and wire fraud charges against a debt settlement firm, its owner, and three of its employees. ...more
At a press conference yesterday in New York City, Director Cordray announced that the CFPB had made a criminal referral to the United States Attorney for the Southern District of New York arising out of the CFPB’s...more
If you have read my blog at all you have likely read my mantra that “no body wants to file for bankruptcy”. Sometimes it is just flat out necessary. But how do you know if bankruptcy is the right choice?...more
On March 20, 2013, Michael Bresnick, Executive Director of DOJ’s Financial Fraud Enforcement Task Force gave a speech at the Exchequer Club of Washington, DC highlighting recent accomplishments of the Task Force and outlining...more
Are you struggling with debt and considering a "debt settlement" company? In 2011, the New York City Department of Consumer Affairs called debt settlement “the single greatest consumer fraud of the year.” The Better Business...more
In this presentation:
- What the IRS is doing
- What agencies can expect
- The legal requirements for 501(c)(3) status
- Recent IRS treatment of housing counseling agencies
- How to prepare...more
The Federal Trade Commission’s continuing focus on the debt collection and debt relief industries was clearly demonstrated by several recently announced lawsuits and settlements....more
The Consumer Financial Protection Bureau, together with five states, has filed a federal complaint and submitted a proposed stipulated final judgment and order against a Florida company and its president for allegedly...more
Originally published in Lawyer-Monthly.com - Legal Focus, November 2012.
Looking further into the issues surrounding debt recovery and collection, Lawyer Monthly turns its attention towards the US and speaks to Laura...more
The CFPB has refused to modify or set aside a civil investigative demand (CID) issued to Next Generation in connection with an investigation of the company’s debt settlement services business....more
On June 23, 2011, the Consumer Financial Protection Bureau (“CFPB”) announced it had targeted debt relief services as one of six nonbanking consumer financial market areas that could be classified as “larger participants” and...more
-What does the new Telemarketing Sales Rule Mean for Credit Counseling?
-Consumer Financial Protection Act
–Consumer Financial Protection Bureau
-Credit Repair Organizations...more
A new bill introduced in California would prohibit debt settlement providers from charging any fees in excess of 15% of the amount of consumers’ savings as a result of any settlement.
The Debt Settlement Consumer Act...more
Brokers, middlemen, and intermediaries serve an economic purpose: to put people who want a product or service in touch with a product maker or service provider. Real estate brokers help us buy and sell homes; mortgage brokers...more
The Eighth Circuit Court of Appeals Bankruptcy Panel has upheld a North Dakota federal district court’s ruling that payments to a debt settlement company were not avoidable as “fraudulent transfers” in a Chapter 7 bankruptcy...more
Financially distressed consumers have been flocking to debt settlement companies during the economic downturn, hoping to avoid bankruptcy and limit damage to their credit scores. Unfortunately, some debt settlement companies...more
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